Flat Trading as Markets Eye Powell’s Remarks
Bitcoin Holds Ground Ahead of Powell’s Jackson Hole Speech
August 22, 2026 — Bitcoin maintained a key support level overnight, as traders adopted a wait-and-see stance ahead of Federal Reserve Chair Jerome Powell’s highly anticipated remarks at the annual Jackson Hole Economic Symposium.
BTC hovered around $112,500 — a critical level aligned with the 61.8% Fibonacci retracement from its April-to-July rally. The market’s reaction has remained subdued so far, with investors pricing in a potential 25 basis point rate cut in September and possibly another before year-end.
Analysts suggest that if Powell strikes a dovish tone, signaling deeper or faster rate cuts, BTC could rebound strongly — similar to its rally from the same technical level in July.
Options Market Projects Moderate BTC Volatility
According to Pulkit Goyal, head of trading at Orbit Markets, BTC options are currently pricing in a ±2% move around Powell’s speech. While notable, this volatility is only modestly above average.
“Markets are leaning slightly bearish,” Goyal said. “If Powell sounds more balanced than dovish, we could see downside pressure, which has driven demand for puts.” He noted that 25-delta risk reversals now show a six-vol premium for puts over calls, signaling hedging activity.
On Deribit, implied volatility indexes and pricing suggest a short-term move of approximately 2%, compared to the 30-day average of 1.18%.
ETH, Derivatives Show Mixed Signals
Ethereum (ETH) continues to hold above a key uptrend line from April through August, keeping the door open for a bullish reaction if macro signals turn supportive.
Meanwhile, global futures open interest for both BTC and ETH rose 1% in the last 24 hours, suggesting traders are increasing exposure — or hedging — as prices consolidate.
Altcoins like SOL, DOGE, LINK, XRP, and ADA saw declining OI, reflecting capital outflows. In contrast, more obscure assets like MAT, ULTIMA, and LUMIA posted notable increases in open interest, suggesting speculative rotation into less-followed tokens.
Overall trading activity, however, has cooled: volumes across major altcoins dropped over 20%, with many traders remaining on the sidelines ahead of Powell’s speech.
CME Options Heating Up While Futures Lag
On the CME, BTC futures remain below July’s open interest levels, suggesting investor caution. However, ETH futures are holding strong around 2 million ETH.
Options tell a different story: ETH options open interest surged to $1 billion — the highest in 2026 — while BTC options climbed to $4.44 billion, their peak since May. Options activity on Paradigm was mixed, featuring calls, put spreads, and risk reversal strategies.
Blockchain Probe Uncovers Insider Activity in YZY and LIBRA Token Launches
On-chain researcher Dethective revealed coordinated insider activity surrounding the launches of YZY and LIBRA tokens. Insiders reportedly extracted over $23 million by acquiring large quantities of tokens at pre-market prices and selling them shortly after launch.
One wallet, for instance, purchased $250,000 worth of YZY at $0.20 — a price far below the public market — and liquidated its position for nearly $1 million in eight minutes. The same wallet was linked to a “treasury” address that had benefited from a similar strategy during the LIBRA launch months earlier.
No definitive proof has tied the wallets to LIBRA founder Hayden Davis, but the pattern has sparked accusations of insider-driven token schemes masquerading as “celebrity coins.”
According to Defioasis, over 60% of YZY traders lost money, with the majority of profits concentrated in a small number of wallets — most tied to insider activity. Out of 56,050 participating wallets, only 406 earned over $10,000. Just five wallets netted more than $1 million. One user reportedly lost $1 million in a single day.
Ripple and SBI to Launch RLUSD Stablecoin in Japan by Q1 2026
Ripple and SBI Holdings have announced a partnership to launch RLUSD, a U.S. dollar-backed stablecoin, in Japan by the first quarter of 2026. The move follows Japan’s rollout of updated digital asset regulations.
SBI VC Trade, a licensed electronic payments exchange, will serve as the distributor, according to a memorandum of understanding signed Friday.
Launched in December 2024, RLUSD is backed by U.S. dollar deposits, short-term Treasuries, and cash equivalents. Monthly attestations by third-party auditors provide regulatory transparency and institutional-grade compliance, Ripple said.
SBI CEO Tomohiko Kondo described RLUSD as a “major step forward in the reliability and convenience of stablecoins in Japan.” Ripple executives said the stablecoin is designed to bridge the gap between traditional and decentralized finance systems.
The announcement follows Japan’s approval of its first yen-backed stablecoin earlier this week, signaling growing institutional acceptance of tokenized assets in the region.
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